{"data":{"id":"us-nm/53-16-1","jurisdiction":"us-nm","citation":"53-16-1","heading":"Voluntary dissolution by incorporators.","body":"A corporation that has or has not commenced business and has not issued any shares may be voluntarily dissolved by its incorporators in the following manner:\nA. articles of dissolution shall be executed by a majority of the incorporators and shall set forth:\n(1) the name of the corporation;\n(2) the date of issuance of its certificate of incorporation;\n(3) that none of its shares has been issued;\n(4) that the corporation has or has not commenced business;\n(5) that the amount, if any, actually paid in on subscriptions for its shares, less any part thereof disbursed for necessary expenses, has been returned to those entitled thereto;\n(6) that no debts of the corporation remain unpaid; and\n(7) that a majority of the incorporators elect that the corporation be dissolved;\nB. the original of the articles of dissolution together with a copy, which may be signed, photocopied or conformed, shall be delivered to the commission [secretary of state]. If the commission [secretary of state] finds that the articles of dissolution conform to law and that the corporation has complied with the Tax Administration Act [Chapter 7, Article 1 NMSA 1978] and has paid all contributions required by the Unemployment Compensation Law [Chapter 51 NMSA 1978], it shall, when all fees have been paid:\n(1) endorse on the original and copy the word \"filed\" and the month, day and year of the filing;\n(2) file the original in its office; and\n(3) issue a certificate of dissolution to which it shall affix the file-stamped copy; and\nC. the certificate of dissolution, together with the file-stamped copy of the articles of dissolution affixed to it, shall be returned by the commission [secretary of state] to the incorporators or their representative. Upon the issuance of the certificate of dissolution by the commission [secretary of state] the existence of the corporation shall cease.","path":["Chapter 53 - Corporations","ARTICLE 16 Business Corporations; Dissolution of Corporations"],"source_url":"https://nmonesource.com/nmos/nmsa-unanno/en/item/18556/index.do","current_through":"2025-06-20","vintage":"","retrieved_at":"2026-09-03T15:02:20Z","sha256":"5c10ba5df816fa51169cef5977ed7fc41f52e58c30dbb7b91c032caafa78ff56","source_id":"us-nm","stale":false,"prev":"us-nm/53-15-4","next":"us-nm/53-16-2"},"notice":"GroundRules: Original legal text. Not legal advice."}